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The only thing you should do with pro forma earnings is ignore them.
Benjamin Graham
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Benjamin Graham
Age: 82 †
Born: 1894
Born: May 8
Died: 1976
Died: September 21
Economist
Financier
Investor
University Teacher
Writer
London
England
Ignore
Investing
Thing
Earnings
Earning
More quotes by Benjamin Graham
The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
Benjamin Graham
It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
Benjamin Graham
Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
Benjamin Graham
The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.
Benjamin Graham
It is a fact worth pondering that four centuries ago the evil of an abundance or surplus arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
Benjamin Graham
A stock is not just a ticker symbol or an electronic blip it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.
Benjamin Graham
Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good business conditions. The purchasers view the good current earnings as equivalent to 'earning power' and assume that prosperity is equivalent to safety.
Benjamin Graham
Good managements produce a good average market price, and bad managements produce bad market prices.
Benjamin Graham
In nine companies out of ten the factor of fluctuation has been a more dominant and important consideration in the matter of investment than has the factor of long-term growth or decline
Benjamin Graham
Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
Benjamin Graham
Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
Benjamin Graham
The purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of value is more likely to be right than the market's. In this process the investor sets his judgement against that of the market. To some this may seem arrogant or foolhardy.
Benjamin Graham
Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.
Benjamin Graham
The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.
Benjamin Graham
The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
Benjamin Graham
The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
Benjamin Graham
Mr. Market's job is to provide you with prices your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
Benjamin Graham
An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
Benjamin Graham
We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.
Benjamin Graham
To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.
Benjamin Graham
